Saint Petersburg, FL – 2018 Small Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Saint Petersburg market for 2018. Over 25 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. The second quarter had the highest number transactions and lowest average price per square foot, the third quarter experienced the lowest number of transactions for the year. Total transaction volume for this small office market segment totaled around $13.8 Million for 2018 and the average price per square foot for all transactions for 2018 was $184.88/SF with an average building size of 3,055 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2018 – 6 Office Sales: Average Price per SF = $232.29
· 2nd Quarter 2018 – 10 Office Sales: Average Price per SF = $133.06
· 3rd Quarter 2018 – 3 Office Sales: Average Price per SF = $167.34
· 4th Quarter 2018 – 8 Office Sales: Average Price per SF = $216.43
· Full Year 2018 – 27 Office Sales: Average Price per SF = $184.88
Real Estate - Saint Petersburg, FL – 2019 Small Office Transaction Summary (2,000 SF to 5,000 SF)
We have analyzed office sales data from the Saint Petersburg market for 2019. Over 30 sales were reviewed and summarized. These were smaller office properties in the 2,000 SF to 5,000 SF size range. The 2019 period started with the year’s peak of 11 transactions the 1st quarter. Sales remained constant in the middle of the year and spiked again in the 4th quarter with 10 transactions. Total transaction volume for this small office market segment totaled over $14.5 Million for 2019 and the average price per square foot for all transactions for 2019 was $205.46/SF with an average building size of 3,153 SF. On a quarterly basis the price per square foot analysis is as follows:
· 1st Quarter 2019 – 11 Office Sales: Average Price per SF = $220.45
· 2nd Quarter 2019 – 6 Office Sales: Average Price per SF = $197.68
· 3rd Quarter 2019 – 6 Office Sales: Average Price per SF = $196.54
· 4th Quarter 2019 – 10 Office Sales: Average Price per SF = $201.24
· Full Year 2019 – 33 Office Sales: Average Price per SF = $205.46
Saint Petersburg Office Market (2,000 SF to 5,000 SF) - Year over Year Changes (2018 to 2019)
Average Size Building Sold – 3% increase in the average building size sold from 3,055 SF to 3,153 SF
Price per Square Foot – 11% increase in average $/SF from 2018 to 2019
Number of Transactions – 22% increase in the # of transactions from 2018 to 2019
Dollar Volume of Transactions – 6% increase in the total $ volume for transactions from 2018 to 2019
Thank you for your interest. For more information on the Saint Petersburg Office Market or to discuss your property valuation needs feel free to contact:
Mike Cliggitt, CCIM, MAI, MRICS
Commercial Realtor
813.810.1615 Direct Line
Tampa Office Real Estate Advisor